Add-on Acquisition • Financial Services

Banco Santander Acquires Amherst Pierpont Securities

On July 15, 2021, Banco Santander acquired financial services company Amherst Pierpont Securities from General Atlantic and Stone Point Capital for 600M USD

Acquisition Context
  • This is Banco Santander’s 8th transaction in the Financial Services sector.
  • This is Banco Santander’s 3rd largest (disclosed) transaction.
  • This is Banco Santander’s 2nd transaction in the United States.
  • This is Banco Santander’s 1st transaction in New York.

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M&A Deal Summary

Date July 15, 2021
Target Amherst Pierpont Securities
Sector Financial Services
Buyer(s) Banco Santander
Sellers(s) General Atlantic
Stone Point Capital
Deal Type Add-on Acquisition
Deal Value 600M USD
Advisor(s) Barclays Investment Bank (Financial)
Shearman & Sterling (Legal)

Target Company

Amherst Pierpont Securities

New York, New York, United States
Amherst Pierpont Securities is an independent broker-dealer that provides to institutional clients liquidity, execution services, and strategic advice pertaining to the US Treasury, federal agency, and repurchase markets. The firm has assembled a group of talented and seasoned professionals recruited from many of the leading global financial institutions. Amherst Pierpont Securities is based in New York.
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Buyer Overview 1

Buyer

Banco Santander

Madrid, Spain

Category Company
Founded 1856
Sector Financial Services
Employees206,736
Revenue 63.8B EUR (2024)
DESCRIPTION

Banco Santander is a financial group operating principally in Spain, the UK, Portugal, and Brazil. Banco Santander is a provider of commercial and retail banking financial services. Banco Santander was founded in 1856 and is based in Madrid, Spain.


Deal Context for Buyer #
Overall 10 of 10
Sector: Financial Services 8 of 8
Type: Add-on Acquisition 3 of 3
State: New York 1 of 1
Country: United States 2 of 2
Year: 2021 1 of 1
Size (of disclosed) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-24 Elavon - Mexico Operations

Mexico

Elavon's Mexico Operations provides payment processing solutions.

Buy $86M

Seller Profiles 2

SELLER

General Atlantic

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1980
PE ASSETS 105.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in New York, New York.


Deal Context for Seller #
Overall 135 of 166
Sector: Financial Services 17 of 19
Type: Add-on Acquisition 41 of 50
State: New York 9 of 11
Country: United States 68 of 86
Year: 2021 14 of 23
Size (of disclosed) 14 of 35
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-15 Blend

San Francisco, California, United States

Blend helps lenders streamline the customer journey for any banking product from application to close. Blend was founded in 2012 and is based in San Francisco, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-20 Tilting Point

New York, New York, United States

Tilting Point is a free-to-play publisher that powers up existing live games using deep marketing and product expertise, cutting-edge technology, and a user acquisition war chest. Tilting Point was founded in 2012 and is based in New York, New York.

Buy -
SELLER

Stone Point Capital

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Stone Point Capital is a private equity firm that targets investments in financial services sector. Specific areas of interest include insurance underwriting, outsourcing service providers to financial institutions, specialty lending and other credit opportunities, employee benefits and healthcare, asset management/retirement savings, and banking/depository institutions. Stone Point looks to commit between $75 and $750 million of equity per transaction and will consider control or substantial minority positions. Geographic areas of interest include North America and Europe. Stone Point Capital was formed in 1994 and is based in Greenwich, Connecticut.


Deal Context for Seller #
Overall 51 of 59
Sector: Financial Services 20 of 21
Type: Add-on Acquisition 25 of 30
State: New York 10 of 11
Country: United States 45 of 53
Year: 2021 4 of 6
Size (of disclosed) 10 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-17 American Orthopedic Partners

Palm Beach Gardens, Florida, United States

American Orthopedic Partners is a national physician-led and physician-owned orthopedic practice focused on enhancing clinical value and reducing claims costs for commercial and workers’ compensation payors. American Orthopedic Partners offers orthopedists an exclusive opportunity to maintain local control, collaborate on national initiatives, and access resources to grow their practices. American Orthopedic Partners was founded in 2020 and is based in Palm Beach Gardens, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-16 Verisys

Louisville, Kentucky, United States

Verisys provides a comprehensive cloud-based technology platform of data, analytics, and services that supports enterprise-wide compliance in the U.S. healthcare industry. Verisys protects healthcare consumers by enforcing competency and regulatory compliance, system integrity, and patient safety through transparency. Verisys was founded in 1992 and is based in Louisville, Kentucky.

Buy -